Summerset looks at raising $100m through bond offer

Summerset is looking at raising $100m through a bond offer. Photo / Wanganui Chronicle

Retirement village company Summerset Group is looking at raising up to $100 million through a seven-year, fixed-rate bond issue.

Under the offer, Summerset will have the ability to accept up to $50m of oversubscriptions.

The offer is aimed at New Zealand institutional and retail investors.

Summerset has previously had two successful issues - one in June 2017 and the other in September 2018.

"Another bond issue allows Summerset to continue its strong, well-managed development growth while providing additional diversification of funding sources and tenor," chairman Rob Campbell said.

Summerset has appointed ANZ Bank New Zealand Limited (ANZ) as its arranger, and
ANZ, Craigs Investment Partners Limited, Forsyth Barr Limited and Jarden
Securities Limited as the joint lead managers.

Hobson Wealth Partners has been named a co-manager.